Posted on 07/25/2013 8:57:57 AM PDT by rightwingintelligentsia
The United States government is preparing to charge SAC Capital, the multi-billion dollar hedge fund operated by the reclusive Wall Street trading legend Steven A. Cohen, with criminal charges, according to multiple reports. Manhattan-based federal prosecutors, working in conjunction with the FBI, are poised to move against the massive hedge fund as early as this week.
On Wall Street, this type of criminal charge amounts to a death sentence, because few major clients would be willing to invest money with a firm under federal indictment. It’s possible that lawyers for Cohen, a secretive 57-year-old billionaire with lavish tastes in art and real estate, will try to settle the case, but the New York Times called that outcome “unlikely.” What the feds are really trying to do is send a message to other Wall Street hedge fund honchos that insider trading is unacceptable.
(Excerpt) Read more at business.time.com ...
Guess Cohen’s check to the DNC bounced.
That’s the first thing I thought of. Or maybe he donated to Romney in the last election?
Somebody in the DOJ didn’t get paid off.
And John Corzine walks free....
That’ll teach him to donate to the Tea Party!
He didn’t pay off the right criminal politicians,
So will Cohen. They’ve got the goods on him but . . .
Insider trading...what about Pelosi and Reid and other COngress people who have done the same WHILE writing the laws that impact financial regs and stocks?
Ooh. He might get fined a hundred grand. He can make that back in one night’s sleep.
Steve Cohen is one of the few on Wall Street who steadily and generously supported Republicans.
He is Jewish, married to a Puerto Rican Catholic, and has 7 children (1 adopted).
He’s been a target of Dems in NYC/NY and SEC for years - they’ve been trying to drive him out of business, even forsaking more than $600M in settlement without admitting guilt. They are using phony “insider trading” charges to circle people around him, hoping that some will finger him, because they have no real case against him. They are also trying to scare away his Stamford-based hedge fund clients.
Now with Mary Jo White at SEC, she declined the settlement, and is trying to apply “administrative action” to beat the 5-year statute of limitation on filing charges, and NY AG and FBI are trying to come up with the criminal charges for which the statute of limitations is extended to 10 years.
This is simply a case of pure harassment of the well-to-do active Republican financial supporter, deliberately kept quiet compared with some small but well publicized cases.
They’ve also been hunting down and making an example of other “dissenters,” like Jamie Dimon of JP Morgan Chase who dared complain about Obama and his policies and had a gall to confess that he was “barely a Democrat.”
BTW, when he was sued by his first wife in 2009, charging him of hiding money from her during the divorce, her lawsuit was dismissed by the US Court in Manhattan due to lack of merit. Somehow, in April of 2013 NY Court of Appeals decided to reinstate her lawsuit.
See:
http://blogs.wsj.com/moneybeat/2013/07/25/in-sac-case-the-name-steve-a-cohen-is-conspicuous-by-its-absence/tab/print/ - In SAC Case, the Name Steve A. Cohen Is Conspicuous by Its Absence, by James Sterngold, 2013 July 25
http://online.wsj.com/article/SB10001424127887323829104578622743724953964.html - SAC to Employees: Cohen Didn’t Read Dell Email at Heart of SEC’s Case, by James Sterngold, 2013 July 23
Guess who Steven A. Cohen supported in the 2012 election?
http://www.vnews.com/news/nation/world/7808389-95/mega-hedge-fund-charged-with-fraud
Cohen and his wife Alexandra are major political donors, contributing more than $272,000 to federal candidates and political committees since 2009, according to campaign finance records.
During the 2012 campaign, Cohen hosted a fundraiser at his Greenwich, Conn., home for Republican presidential nominee Mitt Romney, according to a report in the Connecticut Post, and he and wife each gave $30,800 to the Republican Senatorial Campaign Committee.
And what is the difference between Steve Cohen and Jon Corzine, I wonder...
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